in

A Bullish Breakout From The $260 Mark Should Initiate A Significant Rally In SOL Coin

TradingView Chart


The technical chart of SOL/USD shows a steady uptrend for this coin. The price currently shows an impressive recovery from its recent correction phase as it strongly charges towards the All-High resistance of $260. The price is currently trading at the $234.5 mark, with an intraday gain of 2.15%. 

Key technical points:

  • The SOL price bounced from 0.5 Fibonacci retracement level
  • The intraday trading volume in the SOL coin is $4 Billion, indicating a 28% hike.

Source- SOL/USD chart by Tradingview

As mentioned in my previous article on SOL/USD, the coin’s correction phase reached the 0.5 FIB level. The coin price managed to obtain sufficient support from this rally, and on November 28th, the price bounced back with a morning star pattern.

The SOL coin showed an impressive recovery in this chart with five consecutive green candles. By the press time, the coin is 23% up from the new lower low of $187 and is steady charging to the overhead resistance of $260.

The crucial EMA levels(20, 50, 100, and 200) project the coin’s bullish trend. Moreover, the Relative Strength Index(58) indicates a bullish sentiment among the market participants.

SOL/USD 4-hour Time Frame Chart

TradingView Chart

Source- SOL/USD chart by Tradingview

This lower time frame chart indicates the SOL price has recently breached a confluence of resistance level from the $220 mark and a resistance trendline. The coin price validated this breakout with the successful retest phase and now offers a good follow up for the rally.

However, the crypto traders can wait for the price to reclaim the All-time high resistance of $ 260, which will confirm if the price is ready to resume this uptrend.

According to the traditional pivot level, the crypto trader can expect the next resistance level at $256, then $280. And on the flip side, the support levels are $205 and $184.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author



Source link

Leave a Reply

Your email address will not be published.

GIPHY App Key not set. Please check settings

What do you think?

Taking IoT into the Future: Cartesi Joins Forces with IoTeX

The Rise of High-risk Businesses – How Fintech and Cryptocurrency Have Come To the Rescue

Daily Discussion, December 02, 2021